Early Look

U.S. futures are pointing to a flattish-slightly higher open after major averages posted new record highs on Tuesday, lifted by positive trade talk as President Donald Trump said that the U.S. and China are near an agreement on the first phase of a trade agreement after top negotiators from both sides spoke by telephone and agreed to keep working on remaining issues. Earlier, China said that negotiators “reached consensus” on certain issues in a phone call and agreed to stay in contact on the remaining points. In Asian markets, The Nikkei Index rose 64 points to 23,437, the Shanghai Index dipped -3 points to 2,903 and the Hang Seng Index gained 40 points to 26,954. In Europe, the German DAX is while the FTSE 100 is up about 25 points to 7,425. Trading volumes are likely to be lower today given the Thanksgiving Day holiday tomorrow in the U.S. where markets are closed (followed by an early session close Friday – 1:00 PM). There is also a heavy slate of economic data today.



Good day traders! The rally from this year’s August/September double bottom has retraced 50% of the previous bearish cycle that started in February last year. Price was knocked sideways after it reached my upper red warning line (red arrow) on the 17th of October. Last week’s high just managed to pip that previous high after which price reversed lower. I’m currently considering the rally that started in September to be corrective with a possible decline to follow soon.




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